The Colombian oil company presented the roadmap for natural gas imports, findings and exploration, including the need to make the United States introduce more flexibility to gas imports from Venezuela.
Ecopetrol's 2024-2034 roadmap to secure its natural gas supply, which will go through some deficits, was presented during the Congress of the National Association of Public Services and Communications Companies of Colombia (Andesco),
The state-owned oil company, which produces 76% of the gas consumed by the coffee-growing country, predicts that there will be a shortage of 83 Gbtud (gigabritish thermal unit daily) of gas by 2025. Of these, 61 could be covered domestically.
To cover the deficit, the company would import approximately 100 Gbtud of gas through the regasification system and possibly coming from Venezuela through the Antonio Ricaurte gas pipeline.
Cenit, the hydrocarbon transportation and logistics company affiliated to Ecopetrol, joined the Venezuela's state oil company Pdvsa in identifying broken control stations along the pipeline. For this reason, it would begin operating in 10 to 12 months.
Ricardo Roa, president of Ecopetrol, said that “the company is able to guarantee supply in the short, medium and long terms,” although it will require greater flexibility in regulations for marketing gas and agility in environmental and social permits and licenses.
The above in addition to “obtaining a special license from the United States Office of Foreign Assets Control (OFAC) to import the Venezuelan gas and the elimination of restrictions on transportation infrastructure.”
“I really hope to be making announcements very soon about a relaxation of that OFAC restriction so that Colombia can have some gas,” said Roa.
The Colombian oil company is exploring alternatives to receive, store and re-gasify Liquefied Natural Gas (LNG).
More than 10 companies have shown interest in this. The reception of indicative offers will close in July, and it is expected to contract the services associated with LNG regasification in the second half of 2024.
WHEN WILL THE STRATEGY START?
Ecopetrol Group evaluates options to present joint supply offers to the market. These options come from various sources and strategies, and aim to cover demand from 2025 and maintain competitive prices.
Starting in 2029, gas from offshore material discoveries is expected to come on stream. These include areas such as Uchuva, Gorgon and Glaucus in Caribbean waters.
Given this, the potential reserves discovered are between 4 and 12 cubic tera-cubic feet (TPC), which could multiply up to 3 times the country's current reserves.
Future exploration will begin in the third quarter of 2024, with drilling activities at the Komodo-1 exploratory well. If this well is successful, it will open up a portfolio of opportunities in an area of 1.6 million hectares. A potential that could reach 50 TPC, which represents 17 times the current gas reserves in Colombia.
THE SUPPLY PLAN
The Mining and Energy Planning Unit (UPME) presented its study for the natural gas horizon of up to 15 years. To do so, it evaluated three supply and demand scenarios to present reliable alternatives, taking into account offshore development and the creation of a Hydrocarbon Planning Advisory Committee.
To achieve this, they proposed a project to connect the lower Magdalena Valley with the interior of the country. This is how the projects between Barranquilla and Barrancabermeja would be articulated.
In addition, a second and third gas pipeline would be necessary. One that connects Cúcuta with the Magdalena Medio to transport gas from the Ballena - Barrancabermeja section. The second, which connects Bogotá with the Magdalena Medio, as an alternative to the Cogua - Sabana section.
Finally, gas import infrastructure would be necessary on the Pacific Coast and two more points in La Guajira and Cartagena.
